Overnight: DOW down 140.53 DCE Oct IO futures Last:764 Yuan Chg:6 US$104.68
The iron ore trucks in space brigade are starting to get hysterical since the IO price won't conform to their narrative and break below $100. Truth is, we are headed in to peak demand period, and the whole pre-restandardisation of rebar long steel sale in China is about to end. Production of the new standard rebar should already be ramping up. you'd think. Anyway, the old standard rebar stock must be sold by Sept 25th.
Of course the mills will be taking a loss on rebar when they are discounting soon to be outdated stock. Means nothing.
Iron ore price, page-53713
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